Trump Token's Current Standing: A Bearish Outlook
Examining Trump's declining trend and the potential for memecoin hitting the $9-mark as its next objective.
The Official Trump token, known as TRUMP, has faced a bearish phase as it has failed to defend the $13.65 and $11.56 support levels. This memecoin has slumped below the $11.56 support and even retested it as resistance, indicating a strong selling pressure.
The Downtrend Continues - $9.1 as the New Target
A significant drop below $11.56 and its retest as resistance, along with the falling daily RSI, indicates a shift in the momentum towards the sellers. The rally in late April might have been just a retracement before the downtrend resumes, and the $9.08-$9.54 zone is the next price target.
Technical Perspective
On the daily timeframe, the token's rally towards the end of April was not a bullish development in the larger scope as it failed to surpass the 78.6% retracement level, which was plotted using the bearish impulse move in early March.
The OBV (On Balance Volume) slipped slightly over the past ten days, and sustained downward movement would suggest that TRUMP's downtrend will intensify. On the 4-hour timeframe, the momentum is firmly bearish, and the OBV signals a hike in selling pressure over the past ten days.
Caution Still Required
Although the current prediction points towards a bearish trend, it's essential to keep in mind that TRUMP remains highly volatile, and its price is heavily influenced by breaking news, political developments, and speculative trading activity. Price swings, especially in the $7–$15 range, are considered typical in short-term scenarios.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the author’s opinion.
Analysts' Take
Analysts remain cautious due to the high-risk nature of TRUMP, which depends on political sentiment and speculative trading. With a significant event scheduled for the upcoming weeks, there's a potential for either a significant rally or a sharp decline in price. Close monitoring of news and market conditions is advised.
Remember, this analysis provides a quick snapshot of the TRUMP token's current standing, but it's critical to conduct in-depth research and consult with financial advisors before making any investment decisions.
Sources:
- CoinMarketCap
- CoinGecko
- TradingView
- Medium
- Forbes
- Despite the bearish outlook for Trump Token (TRUMP), it remains highly volatile, with price movements influenced by breaking news, political developments, and speculative trading activity.
- The cryptocurrency market, including TRUMP, is subject to rapid changes, making it essential for investors to conduct in-depth research and seek advice from financial advisors before making any investment decisions.
- The $9.08-$9.54 zone is the next price target for TRUMP, according to a shift in momentum towards sellers, as the token has slumped below its $11.56 support and retested it as resistance.
- The recent rally of TRUMP towards the end of April might have been just a retracement before the downtrend resumes, as it failed to surpass the 78.6% retracement level on the daily timeframe.
- Signals from the On Balance Volume (OBV) on both the daily and 4-hour timeframes suggest that TRUMP's downtrend will intensify, with a sustained downward movement indicating increased selling pressure.
- The bullish sentiment towards TRUMP is not constituting a long-term bullish development, as the tech and finance sectors, especially memecoins like TRUMP, are subject to various geopolitical and economic factors that influence their price movements.
